Business Reporter —
Stanbic Bank has entered into a strategic partnership with the global loyalty business, Cashbackpoint. The partnership will see the bank reward card holders for use of Stanbic Point of Sale (POS) purchases at participating merchants in Zimbabwe. The card loyalty programme is dubbed Stanbic Rewards4U.
Stanbic Bank head of marketing, Palmer Mugavha the bank is delighted with the partnership with Cashbackpoint which will provide the platform for Rewards.
“This relationship enables Stanbic Bank to add considerable value to its merchants and card holders alike, creating further service differentiation in the marketplace and rewarding card holders for their loyalty,” said Mr Mugavha.
Cashbackpoint, which is rapidly expanding globally, identified the market in Zimbabwe as a primary target in their African growth strategy. CEO Kim Hodgson explained that by incentivising card utilisation to get rewards, consumers would be drawn into the formal banking environment and merchants would also see increased transactions through their pay points.
“The Zimbabwean market has been crying out for a programme like this and the initial take up by merchants has been remarkable,” said Hodgson.
For the consumer, there is one currency of reward throughout Zimbabwe. No points, vouchers or discounts, just cash back accrued in customers Cashback Account which will in turn be transferable into the consumers’ bank accounts subject to meeting the minimum reward accrual.
For the merchant who can customise the reward offered, there is not only the incredible value of being able to get a turn-key loyalty programme, they also are able to access transactional and demographic statistics of their customer base and are able to communicate with their customers through the platform.
“We are confident that this initiative will show our appreciation to merchants and consumers besides making transactability quicker, easier and more enjoyable,’’ said Mr Mugavha.